Which of the following statements is (are) correct? The following statements are related to bond valuation and market interest rate risk.

I) The longer the time to maturity, the higher the interest rate risk

II) Bond price is positively associated with bond yields

III) Compared to coupon bonds, zero-coupon bonds are less sensitive to the change of interest rate (everything else being constant)

IV) The cashflow payoff to bondholders can be viewed as apayoff of a covered call position (owning the firm and shorting a call)